INVESTOR ALERT: Important Update Regarding Block & Leviton LLP's Investigation Of Shiloh Industries Inc. For Possible Violations Of The Federal Securities Laws Has Been Released
BOSTON, Sept. 15, 2015 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a law firm whose attorneys have recovered billions of dollars for investors affected by securities fraud, is investigating possible securities law violations by Shiloh Industries Inc. ("Shiloh" or the "Company") (NASDAQ: SHLO) and certain of its officers and directors.
Shiloh announced on September 14 that its financial statements for the three-month periods ended January 31, 2015 and the three- and six-month periods ended April 30, 2015 should be restated and therefore no longer be relied upon by investors. Financial statements for the three-month period ended January 31, 2015 and three-month and six-month periods ended April 30, 2015 were included in Forms 10-Q filed on March 11, 2015 and June 5, 2015, respectively. The Company amended its filings on September 14, 2015.
Shiloh further uncovered "accounting irregularities with respect to [its] accounting for inventoried costs". The Audit Committee's investigation determined that certain controls were circumvented by an employee and that material weakness existed in Shiloh's internal control over financial reporting. The financial leader at Shiloh's Wellington facility was as a result replaced. Also, effective September 8, 2015, Thomas Dugan was removed from the position of principal accounting officer, although he remains at Shiloh as principal financial officer.
These announcements came less than a week after Shiloh filed a Form 12b-25 with the SEC announcing that it was not going to be able to file its Form 10-Q reporting its financial results for the period ended July 31, 2015. It announced that the cause of its failure to comply with SEC policy was its ongoing internal investigation into the accounting at its facility in Wellington, Ohio.
Following the announcement, the Company's stock was down approximately 20%, representing a loss to investors of more than $30 million.
Block & Leviton's investigation seeks to determine whether Shiloh or its officers and directors violated the federal securities laws. If you purchased or otherwise acquired Shiloh securities before September 10, 2015, and have questions about your legal rights or possess information relevant to this investigation, please contact attorney Steven Harte of Block & Leviton at (617) 398-5600 or email him at [email protected]. Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Steven Harte
(617) 398-5600
[email protected]
SOURCE Block & Leviton LLP
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